Resilience Cyber Insurance Solutions has closed an $80 million Series C funding round, co-led by General Catalyst and Corey Thomas of Rapid7, with participation from Lightspeed Venture Partners, Founders Fund, Charles River Ventures, Shield Capital and Intact Ventures.
Resilience will use the funding for its middle market expansion and international growth.
As ransomware claims have surged over the last year, the hardened cyber insurance market has enabled newcomers with an innovative approach to rise to the top.
Vishaal Hariprasad, CEO of Resilience commented: “We took a deliberate approach entering the middle market. Our clients are discerning buyers with sophisticated infrastructure.
“We proactively connect their security posture with their insurance policy, not as vendors, but as partners. That personal, integrated approach of transparency and action is what makes us so different.
“This funding round signals that the market is ready for our insure + secure model.”
Resilience has built an Insure + Secure business model that provides both tailored insurance and security solutions to its customers.
A team of in-house security engineers are engaged with clients from risk assessment to post-bind vulnerability monitoring.
David Fialkow, Managing Partner and Founder at General Catalyst commented: “Resilience is building the leading cyber risk and response platform for the insurance industry, helping mid-market enterprises identify and integrate the best insurance and security solutions for their business needs.
“It’s more than risk mitigation – it’s bespoke security solutions combined with an insurance policy that provides clarity and certainty. General Catalyst is proud to co-lead this funding round with Corey Thomas as we believe Resilience’s integrated model is the future of cyber risk.”
Michael Miller, CEO, Global Specialty Lines, Intact said: “Resilience’s expertise, combined with an innovative approach to cyber risk, deliver unparalleled value for clients.
“The team has seen tremendous progress in the past year, setting the course for responsible and profitable growth. Intact Insurance Specialty Solutions is pleased to be a carrier partner.
Justin Smith-Lorenzetti, Intact Ventures added: “At Intact Ventures, we are thrilled to increase the size of our commitment and to invest in a world-class team building a category-defining business.”